24 Jan 2014
We've made our first major care home and hospital investment
Supporting our social purpose, we’ve acquired 13 care homes from Prestbury Investments. The homes are let to Methodist Homes (MHA), a leading care home provider.
Creating Stability And Certainty
We’ve lowered the rents for these care homes too, and introduced leases that have annual RPI-linked rent reviews, creating stability and certainty.
We’ve also invested £89m over a 32 year term, as part of a consortium to build the new Royal Liverpool University Hospital.
Paul Stanworth, MD Legal & General Capital said: “We’re committed to investing in the fabric of the UK. There is a chronic shortage of housing in the UK, and we want to help to address this problem. This is our first investment into providing care homes for the elderly. A better infrastructure also includes better healthcare, and the new Royal Liverpool will help improve quality of life in the city and contribute to economic growth in the North West.”
Roger Davies, Chief Executive of Methodist Homes, added: “It is great to see Legal & General Property investing in our sector and in MHA particularly. We foresee a growing need of a range of accommodation, support and care services for Britain’s older people and are committed to playing a full part in meeting this need.”
Aidan Kehoe, chief executive of the Royal Liverpool and Broadgreen University Hospitals Trust, said: “This is a huge moment for all those who have worked so hard, for so many years and we are all delighted to have achieved financial close on the new Royal. This is fantastic news for our patients, our staff and the city of Liverpool.”